Jindal Drilling Q1 FY27 Results (NSE: JINDRILL)
Signal: Margin pressure
The read
The trajectory is a sequential margin recovery rather than renewed acceleration: revenue reached ₹27,539 lakh, +8.4% YoY versus +7.3% in Q4FY26, while EBITDA margin rebounded to 40.3% from 30%; however, standalone PAT fell 7.1% YoY to ₹5,242 lakh and the unexplained consolidated PAT/XBRL inconsistency materially weakens earnings-quality confidence.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹275.39 Cr | +8.4% | +4.8% |
| EBIT | ₹72.13 Cr | N/A | |
| Net profit | ₹0 Cr | N/A | |
| EPS | ₹16.27 | -28.7% | |
| EBIT margin | 40.3% |
P&L walk
Consolidated revenue increased to ₹27,539 lakh, +8.4% YoY and +4.8% QoQ, while EBITDA margin was 40.3%, down 170bps YoY but up 1030bps QoQ; the XBRL PAT value is ₹0 lakh even though the consolidated statement face reports ₹4,714 lakh.
Key positives
- Revenue of ₹27,539 lakh grew 8.4% YoY and 4.8% QoQ, accelerating modestly from Q4FY26's 7.3% YoY growth.
- EBITDA margin recovered to 40.3% from 30% in Q4FY26, a 1030bps sequential improvement.
- Finance cost fell 43.9% YoY to ₹143 lakh, improving conversion from operating profit to PBT.
Key concerns
- Standalone PAT declined 7.1% YoY to ₹5,242 lakh despite 8.4% revenue growth, indicating below-revenue growth in earnings.
- Other expenses increased to ₹4,011 lakh from ₹572 lakh YoY; the filing attributes ₹361.98 lakh to net foreign-exchange loss, but the remaining increase is not explained.
- Revenue growth remains modest at 8.4% YoY after 38.4% in Q2FY26 and 48.5% in Q1FY26, indicating substantial deceleration from the recent peak.
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